The New Development Bank was established by the BRICS states (Brazil, Russia, India, China, and South Africa) at the 2014 summit in Fortaleza, Brazil. The initial subscribed capital of USD 50 billion was decided to be equally shared among the five founding members, meaning each member contributed USD 10 billion.
According to Fortaleza Declaration (Brazil 2014) of Sixth BRICS Summit what is the initial subsidized capital to be equally shared among founding members to establish new development bank and for addressing infra-structure gaps and sustainable development needs ?
Asked in UKPSC CS Prelims 2012 · Topic: Sustainable Economic Development (Financing Sustainable Development: Green Bonds, Climate Finance, ODA)
More Economic Development questions
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